BTIG Research Reaffirms Buy Rating for Spyre Therapeutics (NASDAQ:SYRE)

Key Points

• BTIG Research has reaffirmed a **"buy" rating** for Spyre Therapeutics (NASDAQ:SYRE), with a price target of **$70.00**, suggesting a potential upside of **371.70%** from its previous close.
• Spyre Therapeutics recently reported earnings of **($0.49) EPS**, beating analysts' expectations, and analysts predict an EPS of **-4.46** for the current year.
• Insider selling activity has been noted, with CFO Scott L. Burrows selling **18,428 shares** valued at approximately **$299,639**, representing a **15.83%** reduction in his stake.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report)'s stock had its "buy" rating reaffirmed by stock analysts at BTIG Research in a note issued to investors on Tuesday,Benzinga reports. They presently have a $70.00 price target on the stock. BTIG Research's price objective indicates a potential upside of 371.70% from the stock's previous close.

Several other equities analysts have also recently issued reports on the company. Wall Street Zen upgraded Spyre Therapeutics from a "sell" rating to a "hold" rating in a research report on Monday, September 8th. Wedbush reiterated an "outperform" rating and set a $65.00 price target on shares of Spyre Therapeutics in a research report on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. Based on data from MarketBeat, Spyre Therapeutics has a consensus rating of "Buy" and an average price target of $56.17.

Spyre Therapeutics Trading Down 5.2%

Spyre Therapeutics stock opened at $14.84 on Tuesday. The firm has a market capitalization of $896.35 million, a P/E ratio of -4.36 and a beta of 2.87. The stock has a fifty day moving average price of $16.49 and a 200 day moving average price of $15.89. Spyre Therapeutics has a 52 week low of $10.91 and a 52 week high of $40.26.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.73) by $0.24. As a group, equities analysts predict that Spyre Therapeutics will post -4.46 EPS for the current year.

Insider Activity at Spyre Therapeutics

In related news, CFO Scott L. Burrows sold 18,428 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $16.26, for a total value of $299,639.28. Following the completion of the sale, the chief financial officer owned 97,994 shares in the company, valued at $1,593,382.44. This represents a 15.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 15.43% of the company's stock.

Hedge Funds Weigh In On Spyre Therapeutics

Large investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets acquired a new position in shares of Spyre Therapeutics during the 4th quarter worth about $437,000. GAMMA Investing LLC acquired a new stake in Spyre Therapeutics in the 1st quarter valued at about $70,000. Deutsche Bank AG lifted its stake in Spyre Therapeutics by 46.1% in the 4th quarter. Deutsche Bank AG now owns 31,418 shares of the company's stock valued at $731,000 after purchasing an additional 9,910 shares during the last quarter. Millennium Management LLC acquired a new stake in Spyre Therapeutics in the 4th quarter valued at about $3,906,000. Finally, Nuveen LLC acquired a new stake in Spyre Therapeutics in the 1st quarter valued at about $2,261,000. Institutional investors own 80.39% of the company's stock.

About Spyre Therapeutics

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).

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